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Electric Bus Company Biden Energy Secretary Once Had Stake In Goes Belly Up

Protera, the electric bus company at the center of an apparent conflict of interest involving Energy Secretary Jennifer Granholm, has filed for bankruptcy, Reuters reported Monday evening.

Granholm was revealed to have maintained a financial position at the company as a member of the company’s board of directors, even after assuming the post of leader of the Department of Energy (DOE) and beginning to lead the company. Attracted attention. policies that she may favor to her own financial interests. Granholm eventually exited her position at the company in late May 2021, leaving her with a capital gain of approximately $1.6 million.

Granholm did not sell his stake in the company until early May 2021, when the House Oversight Committee launched an investigation into apparent conflicts of interest. Additionally, Granholm is suspected of violating the equity law nine times in 2021, a fact that a DOE spokesperson said at the time was due to “a careless administrative oversight.” (Related: Exclusive: Top Republican Warns Energy Secretary of ‘Suspicious Financial Dealings’)

Protera has filed for Chapter 11 bankruptcy, which means it can continue to operate while it restructures its debt. according to to Monday’s press release announcing this news. The bankruptcy filing marks an end to the grace period for the electric bus and battery producer, which was valued at $1.6 billion after merging with another company in January 2021. according to to Reuters.

“The company intends to continue business as usual during this process and will continue to use its existing capital to fund its operations, including employee payroll and benefits payments and vendor and corporate compensation. “We plan to file a claim in bankruptcy court,” the press release states, “while ensuring business continuity for our customers, we will continue to supply our suppliers in accordance with the rules of Chapter 11 into the future.” “The foundation we have built is poised to decarbonize the entire commercial vehicle industry, and we are committed to enabling this important transformation,” said Gareth Joyce, CEO of the company. We recognize that all products have great potential.” press release.

The DOE did not immediately respond to a request for comment.

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